The Sunday morning news. [volume] (Jersey City [N.J.]) 1886-1891, 1887-07-17
CHAPTER CXxy.


A further supplement to an act entitled
''An act concerning the sale ofrailroads,
canals, turnplkes. bridges and plank
roads, approved March twenty fifth,
one thousand eight hundred and seventy
five.
1. Be it enacted by the Senate and Gen
eral Assembly of the State of New JERSEY,
That whenever any railroad, canal, turn
pike, bridge or plank road of any corpora
ton created by or under any law OF this
stale, or by any concurrent, joint or con
senting legislation of this state, and any
other adjoining state, shall be or has been
sold and conveyed, under and by virtne
of any process or decree of any court of
this state or the United States, or by any
other lawful authority the person or per
sons for or on whose account such rail-
road, canal, turnpike, bridge or plank
road may be or has been purchased. and
the person or persons 10 whom title in the
same is vested by mesne conyeyances and
assignments by such persons or their
vendt es, shall be and are hereby con-
stituted body polite and corporate, and
are and shall be vested with all the right,
title, interest, property, possession, claim
and demand 10 law and equity, of, in and
TO such railroad. canal, turnpike, bridge
or plank road with its appurenances,
with all the rights, powers, immunities,
privileges and franchises of the said cor
poration which may have been granted to
or conferred thereupon by statute or
statutes, in force at the time Of such
original sale and conveyance, and subject
to all the restrictions imposed upon such
corporal on By any such act or acts, ex-
cept so far as the same are modified here
by, but the provisions of this act shall,
Notwithstanding anything herein contained
to the contrary, extend and apply to any
case in which such railroad, canal turn
pike, bridge or plank road of any such
corporation has been sold and conveyed
as aforesaid before the passage of this act
2, And be it enacted, That the person
or persons for or on whose account any
such railroad, canal, turnpike, bridge or
plank road may have been or shall be
purchased, or the persons holding title to
the same by nesne eonveyances from such
purchasers, or a majority of such persons
or vendeeS may call a meeting OF such
person or persons, or vendees, at such
time and place as majority in interest Of
them may in writiog appoint for that
purpose, giving public notice of the time
and place of such meeting, at least once
a week for two weeks, in at least one
newspaper published in each of the coun-
ties in and through which the said rail-
road canal, turnpike, bridge or plank
road may run, and at the time and place
so appointed, such majority may organize
said new corporation by electing a presi-
dent and a board of six directors, to
continue in Office for one year succeeding
such meeting, and annually there fter
on the same day of the month, like
election for president and six directors
shall be held TO serve for one year; and
at such meeting the said majority shall
adopt corporate name and corporate
seal, determine the amount of the capital
stock thereof, and shall have power and
authority to make and issue certificates
therefore to the persons in interest, to the
amount of their respective interests there
in, in shares of Fifty dollars each.
g. And be it enacted, That the said cor
poration may then or any time thereafter,
create and issue preferred stock to such
an amount, and at such times as they deem
necessary, and from time to time issue
bonds at rate of interest not exceeding
six per centum per annum, 10 any amount
not exceeding their capital stocks and
secure the same by mortgage of The pro-
perry, rights, powers, privileges and
franchises of the said corporation.
4 Aud be it enacted, That it shsll be
the duty of such new corporation, within
one month after its organization, to make
a certificate thereof under its common
seal, attested by the signature of its presi-
dent, specifying the date of such organiza-
lion, the name 50 adopted, the amount of
capital stock, aud the name and residence
of lis president and directors, and tranmit
the said certificate to the secretary OF state
at Trenton, to be filed in his office and
there remain on record, and a certified
copy of such cestifcale SO filed shall be
evidence of co porate existence OF said
new corporation; provided, that nothing
ia this act shall diyest or impair the lien
encunbrance OF auy prior mortgage or
other encumbrance upon the property or
franchises conveyed ander the original sale
of said property or franchises, when by
the terms of The process or decree under
which the sale has been made, or by opera
ton of law the said sale is made subject
to the lien of any such prior mortgage or
other encumbrance, or diyest or impair
any prior mortgage or other eucumbrance
thereon created by the vendees of the
purchasers at such sale or those holding
under them by mesne conveyaaces
2 And be it enacted, That this act shall
take effect Immediately.
Approved April IL, 1885.